Critics argue the SEC didn’t do enough to pursue those responsible for the financial crisis, but we may not know the full extent of Schapiro’s effect on the enforcement division for several years, according to a new study.

Khuzami was recruited to lead the enforcement division in 2009, when the SEC was reeling from the embarrassment of missing Bernard L. Madoff’s Ponzi scheme. He overhauled it, eliminating a layer of management and setting up specialized units to focus on hedge funds, market abuses, and the Foreign Corrupt Practices Act.

About Corruption Currents

Corruption Currents, The Wall Street Journal’s corruption blog, digs into the ever-present and ever-changing world of corporate corruption. It is a source of news, analysis and commentary for those who earn a living by finding corruption or by avoiding it. Corruption Currents is written by Christopher. M. Matthews and Sam Rubenfeld and edited by Nick Elliott.

Some posts in Corruption Currents are free but others, denoted by a key symbol, require a subscription.